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Aurangabad Paper Mills Ltd.

BSE: 502352 Sector: Industrials
NSE: AURANPAPER ISIN Code: INE525C01014
BSE LIVE 13:48 | 11 Jul Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.64
PREVIOUS CLOSE 1.57
VOLUME 10000
52-Week high 1.64
52-Week low 1.29
P/E
Mkt Cap.(Rs cr) 0.95
Buy Price 1.64
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.64
CLOSE 1.57
VOLUME 10000
52-Week high 1.64
52-Week low 1.29
P/E
Mkt Cap.(Rs cr) 0.95
Buy Price 1.64
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00

Aurangabad Paper Mills Ltd. (AURANPAPER) - Director Report

Company director report

Dear Members

Your Directors hereby present their Fortieth Annual Report together with the AuditedStatement of Accounts for the year ended March 31st 2015.

FINANCIAL RESULTS:

Particulars Year ended 31.03.2015 Year ended 31.03.2014
Rupees Rupees
Loss before providing for interest 8657309 104381881
Less : Interest paid/provided 5118201 5178214
Add : Net Loss for the Year 13775510 109560095
Loss: brought forward from Pervious Year 17335888 63790793
Loss: carried to the Balance Sheet 187126398 173350888

OPERATIONS:

The Company has come out of the purview of BIFR vide its Order No. 95/1998 dated 13thOctober 2011. However the Company has not been able to revive its activities.

The Directors expect to commence some business activity in the Company in a short spanof time.

DIVIDEND:

Your Directors regret to recommend any dividend on account of the losses incurred bythe Company during the Financial Year ended on 31st March 2015.

DETAILS OF BOARD MEETINGS

During the year 4 (Four) number of Board Meetings were held details of which aregiven below:

Date of the Meeting No. of Directors attended the Meeting
30/05/2014 3 (Three)
14/08/2014 3 (Three)
14/11/2014 3 (Three)
13/02/2015 3 (Three)

DIRECTORS:

During the period under review Mr. Anil Mittal and Mrs. Seema Mittal were appointed asthe Directors of the Company and Mr. Badal Mittal was appointed as the Managing Directorof the Company for a period of 5 (Five) years effective from 16th August 2013without any remuneration.

Further Mr. Shankarlal Mittal who expressed his unwillingness to be appointed as theDirector of the Company was not appointed so at the last Annual General Meeting of theMembers of the Company.

Mr. Anil Mittal retires by rotation at the ensuing Annual General Meeting and beingeligible has offered himself for reappointment. Your Directors commend the same for yourconsideration.

EXTRACT OF ANNUAL RETURN:

Pursuant to the provisions of Section 92(3) of the Companies Act 2013 ('the Act') andRule 12(1) of the Companies (Management and Administration) Rules 2014 extract of AnnualReturn is Annexed as Annexure 1 with this Report.

DIRECTORS RESPONSIBILITY STATEMENT :

Pursuant to the requirements under Clause (c) of sub-Section (3) of Section 134 of theCompanies Act 2013 your Directors confirm that:

a. in the preparation of the Annual Accounts the applicable Accounting Standards havebeen followed along with proper explanation relating to material departures;

b. the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at the end of the Financial Year andof the Loss of the Company for that period;

c. the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d. the Directors have prepared the Annual Accounts on a going concern basis;

e. the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate commensurate with theoperations and size of the Company and those were operating effectively; and

f. the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

BOARD COMMITTEES:

The Company is in the process of appointing Independent Directors.

The Company's operations are very miniscule and therefore in the opinion of the Boardof Directors the constitution of the Audit Committee may not be serving its desiredpurpose.

However to ensure that commensurate with the size of the operations of the Company itdoes not deviate from compliance of the Legal Provisions for Accounting a separateCommittee is formed to monitor the Accounting Policies with the following Directors as itsMembers viz.:

The details of composition of the Committees of the Board of Directors are as under.

a. AUDIT COMMITTEE

Name Chairman/ Members
1. Badal Mittal Chairman and Managing Director
2. Anil Mittal Director

 VIGIL MECHANISM

Pursuant to the requirement of the Companies Act 2013 the Company has establishedVigil Mechanism to detect fraud and other irregularities if any.

b. NOMINATION & REMUNERATION COMMITTEE

The Company has constituted the Nomination & Remuneration Committee as required bythe provisions of the Companies Act 2013 comprising the following Directors viz.:

Name Chairman/Members
1. Anil Mittal Chairman and Director
2. Seema Mittal Director

c. STAKEHOLDERS RELATIONSHIP COMMITTEE

Name Chairman/Members
1. Seema Mittal Chairman and Director
2. Anil Mittal Director

During the period under review all the Committees conducted their Meetings on 30thMay 2014 14th August 2014 14th November 2014 and 13thFebruary 2015.

SECRETARIAL AUDIT

Pursuant to the provision of the Section 204 of the Companies Act 2013 and Rules madethere under Mr. Girish G. Paralikar Practicing Company Secretary Pune have beenappointed as the Secretarial Auditors of the Company. The Report of the SecretarialAuditors is enclosed as Annexure 2 to this Report. The Report which is otherwiseselfexplanatory has a remark about appointment of the Independent Directors and KeyManagerial Personnel (KMP) by the Company.

The Directors would like to state that the Company is in the process of appointingIndependent Directors and KMP in compliance with the applicable provisions of Law andListing Agreement.

PARTICUALRS OF EMPLOYEES

There was no Employee in respect of whom information is required to be disclosedpursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 as amended till date.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO

During the period under review the Company has not carried out any activities towardsconservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo.Therefore the information under this head may be treated as NIL.

LISTING OF SHARES

The Equity Shares of your Company continue to be listed on Bombay Stock Exchange andyour Company has paid the Annual Listing Fee for the year 2014-15. The Shares of yourCompany are brought under the compulsory dematerialisation and accordingly the Companyhas entered into Agreement with the National Securities Depository Limited (NSDL) andCentral Depository Services of India Limited (CDSL).

AUDITORS

At the last Annual General Meeting (AGM) held on Saturday the 23rd day ofAugust 2014 M/s Sunil Adavade & Co Chartered Accountants Mumbai (Membership Number109964) have been appointed as the Statutory Auditors of the Company for a period of 3(Three) years. Ratification of appointment of the Statutory Auditors for further FinancialYear is being sought from the Members of the Company at the ensuing AGM.

Further the Report of the Statutory Auditors along with Notes to Accounts is attachedwith this Report which is self explanatory in respect of the comments made by them.

DEPOSITS

Neither are there any outstanding deposits nor has the Company accepted any depositsduring the period under review from Public in terms of Section 73 and 74 of the CompaniesAct 2013 and Rules made there under.

RISK MANAGEMENT POLICY

In terms of the requirement of the Act the Company has developed and implemented theRisk Management Policy and the Audit Committee of the Board reviews the same periodically.

This comprises practices relating to the identification assessment monitoring andmitigation of strategic operational and external environmental risk and to minimizeadverse effects of it. Our risk Management practices seek to sustain and enhance thelong-term competitive advantages of the Company.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Your Company did not have any funds lying unpaid or unclaimed for a period of sevenyears. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund (IEPF).

RELATED PARTY TRANSACTIONS

No contracts were entered in to by the Company with any of the Related Parties and thedisclosure under this Clause is NIL.

ACKNOWLEDGEMENT

Your Directors are grateful to the Financial Institutions and the Bankers for theircontinued support and co-operation. Your Directors also wish to place on record theirappreciation of/for the services rendered by the Employees at all levels.

On behalf of the Board

Sd/-

Badal Mittal

Chariman & Managing Director

(DIN:00076143)

Regd.Off: M.I.D.C. Paithan Dist.

Aurangabad: 431 148

Maharashtra

Date: 29th May 2015.

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